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December 14, 2008 - December 20, 2008 Archives
Backseat Driver: Thoughts on those bailout loans
It was hardly unexpected. President Bush today granted General Motors and Chrysler $13.4 bn billion in emergency loans to tide them over until the end of March. An additional $4 billion will be available in February. In return, Bush sought...
December 19, 2008 2:02 pm
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January oil futures down 75 percent from summer levels
While oil prices firmed after the White House granted General Motors and Chrysler emergency bailout loans, the January futures contract was knocking about at levels 75 percent below the record $147 a barrel recorded in early July. The Associated Press...
December 19, 2008 1:54 pm
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Bush Approves $17.4 Billion Auto Bailout
WASHINGTON -- President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies...
December 19, 2008 10:11 am
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Crude continues to plunge in worsening economy
Oil continued its downward march Thursday as mass layoffs pushed the U.S. economy deeper into recession, signaling a drastic pullback on energy spending, according to The Associated Press. Light, sweet crude for February delivery, fell $1.07 to $43.54 barrel on...
December 18, 2008 2:18 pm
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Bush considering "orderly" auto bankruptcy
WASHINGTON -- The Bush administration is looking at "orderly" bankruptcy as a way to deal with the desperately ailing U.S. auto industry, the White House said Thursday as carmakers readied more plant closings and a half million Americans filed new...
December 18, 2008 1:23 pm
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Chrysler, Ford idle factories, GM delays new plant
DETROIT -- Chrysler is closing all its North American manufacturing plants for at least a month, the starkest move yet taken by U.S. automakers as they anxiously await word about government loans, according to The Associated Press. The shutdown comes...
December 18, 2008 9:34 am
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GM delays Mich factory that will build Volt engine
DETROIT -- General Motors Corp. says it has put the brakes on construction of a new factory in Flint, Mich., that will make engines for two of its most important new products, according to The Associated Press. The cash-strapped automaker...
December 17, 2008 11:44 am
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GM delays Mich factory that will build Volt engine
DETROIT -- General Motors Corp. says it has put the brakes on construction of a new factory in Flint, Mich., that will make engines for two of its most important new products, according to The Associated Press. The cash-strapped automaker...
December 17, 2008 11:44 am
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Oil tumbles despite huge OPEC production cuts
A 2.2 billion-barrel cut to crude production by OPEC failed to boost oil prices Wednesday, with markets already pricing in a reduced flow of oil, according to The Associated Press. Light, sweet crude for January delivery fell nearly 5 percent,...
December 17, 2008 11:40 am
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Energy agency: Oil demand slowing, causes are many
WASHINGTON -- U.S. oil consumption is expected to level off with virtually no growth between now and 2030 because of increases in energy efficiency, greater use of renewable fuels and an expected rebound in oil prices, the government said Wednesday,...
December 17, 2008 11:37 am
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OPEC cuts 2.2 million barrels a day
ORAN, Algeria -- OPEC says it is cutting 2.2 million barrels a day from its output - the largest ever at one time - to stem crude prices that have plummeted over 70 percent from summer highs of nearly $150,...
December 17, 2008 11:35 am
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Bankruptcy wouldn't stop shoppers from buying U.S. cars
DETROIT -- Contrary to comments by auto brass and Congress, buyers wouldn't shun products from a U.S. automaker that filed for bankruptcy, according to a USA TODAY/Gallup Poll which was reported in today's USA Today. General Motors CEO Rick Wagoner...
December 16, 2008 9:58 am
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Oil rises to $45 ahead of OPEC meeting
Oil prices rose to around $45 a barrel on Tuesday, a day before investors expect OPEC to announce a big production cut aimed at supporting prices which have plummeted in recent months as the global economic downturn has crimped demand,...
December 16, 2008 9:26 am
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White House assures automakers help is on the way
WASHINGTON -- Detroit automakers, teetering on the brink of collapse, are receiving strong signals from the White House that short-term help is on the way while a key senator says the relief package could reach $15 billion for GM and...
December 16, 2008 9:24 am
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Rhode Island gas prices drop to lowest point in five years
Gasoline prices in Rhode Island have dropped for the 13th straight week and have hit their lowest point in nearly five years, according to AAA Southern New England, according to The Providence Journal. The average price for a gallon of...
December 15, 2008 10:30 am
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Long-Lived, but Not Immortal: Fears Fade on Hybrid Batteries
Hybrid critics have long said that the cost of a new battery, if it failed after the car's warranty expired, would quickly wipe out an owner's years of savings on gasoline. The argument was not unreasonable, given the high (and...
December 15, 2008 10:30 am
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Thoughts From a Champion Racecar Driver
Jimmie Johnson, the driver of the No. 48 Lowe's Chevrolet, won his third consecutive Nascar Sprint Cup championship this year. Now he has his sights set on four to match Jeff Gordon, his Hendrick Motorsports teammate. Check out this audio...
December 15, 2008 10:27 am
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Oil up sharply near $50 as OPEC readies output cut
Oil prices rose sharply toward $50 a barrel Monday as investors anticipated OPEC will announce a large production cut at its meeting this week, according to The Associated Press. Light, sweet crude for January delivery was up $3.24 to $49.52...
December 15, 2008 10:08 am
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Detroit automakers await deal on auto loans
ABOARD AIR FORCE ONE -- Detroit automakers got public reassurance Monday from President George W. Bush that short-term government help for the industry is in the works and could come soon, according to The Associated Press. "An abrupt bankruptcy for...
December 15, 2008 10:04 am
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